Fundamentals: - Mixed data from Canada last week with a tick up in unemployment and worse than expected employment change. However the rally in Oil did help the Canadian strengthen for a period of time last week. I don’t think the Canadian can maintain a positive rally, once the data starts to be absorbed by the market we should see this pair return to the upside one again.
Technicals: This pair along with the pound is setting up to be a great trading opportunity. Besides the fact that fundamentals suggest further bull power, the technical’s come in supremely. The weekly closed as a pin bar rejecting the lows of 13600 and even 13800, these prices where the bottom prices on which we predicted a reversal to the upside couple weeks ago. On top of the pin bar we have a weekly 50% Fibonacci pullback and rejection from the 12800 swings lows from where price started trending heavily upward, lets couple that with a daily that formed a pin bar as well and a bullish engulfing that closed on the last day of the week and we have a nice recipe for high probability long trades. The trading plan in this regard is simple, we wait for a higher low in intraday to get in long at a better price or just take a trade with a larger stop loss on a new high. Want to know more about how I trade? take the free course bankonadam.com
Technicals: This pair along with the pound is setting up to be a great trading opportunity. Besides the fact that fundamentals suggest further bull power, the technical’s come in supremely. The weekly closed as a pin bar rejecting the lows of 13600 and even 13800, these prices where the bottom prices on which we predicted a reversal to the upside couple weeks ago. On top of the pin bar we have a weekly 50% Fibonacci pullback and rejection from the 12800 swings lows from where price started trending heavily upward, lets couple that with a daily that formed a pin bar as well and a bullish engulfing that closed on the last day of the week and we have a nice recipe for high probability long trades. The trading plan in this regard is simple, we wait for a higher low in intraday to get in long at a better price or just take a trade with a larger stop loss on a new high. Want to know more about how I trade? take the free course bankonadam.com